Whether you’re comparing credit card interest rates or just want to figure out how much your credit card debt is costing you, it’s important to understand how the interest you are being charged is calculated.

Credit card interest rates (the rates that you are charged) are usually expressed in terms of APR (annual percentage rate). APR is calculated by taking the periodic rate and multiplying it by the number of periods in a year. For example, if you are charged 1% interest per month and are billed monthly, the APR would be 12%. (.01 x 12 = .12). Read more

Typically, middle-class people who are struggling financially think that things would be better if they only made more money.

There ARE cases where making more money helps immensely: usually when you’re making minimum wage or when you’re at or below the poverty line. In those situations even a 50 cent an hour raise can make a huge difference.

If you’re already making a decent wage (or even a very good wage) and you are struggling financially, it’s probably not your income that’s the problem.

More income might be a good short term solution, but chances are you’ll just end up struggling again as you automatically adjust to that increased income. Here’s what actually makes a difference. Read more